Saudi Crown Prince Creates Company To Build 'World’s Largest Modern Downtown'
A massive development expected to bring billions of dollars and thousands of jobs to Saudi Arabia is about to get underway in downtown Riyadh.
The New Murabba project, which will cover 19 square kilometers and include more than 270M SF of residential, hotel, retail, office and leisure space, is the debut venture of Crown Prince Mohammed bin Salman’s New Murabba Development Co.
The Saudi Public Investment Fund is billing the project as "the world's largest modern downtown."
At the center of plans for the project is the 21.5M SF Mukaab, a hospitality destination that is poised to be one of the largest buildings in the world, roomy enough to house 20 Empire State buildings, according to a video touting the project.
In a release, PIF described the Mukaab as the world’s first immersive destination, incorporating digital and virtual technology, including holographics. The building will encompass a tower atop a spiral base and be built in a cubic shape to "ensure the ultimate utilization of space to accommodate the technologies necessary to develop the icon," per the release.
The modernized downtown will also include 80 entertainment and cultural venues as well as a technology and design university.
The move comes as the kingdom aims to double the size and population of Riyadh and reduce its dependence on oil export revenues by 2030, according to Reuters.
The New Murabba project, which is expected to add $48B to nonoil gross domestic product and create 334,000 jobs, is part of an overall plan to diversify the economy and support the private sector. The development is scheduled for completion in 2030.
